Reuters: Regulatory News: SEC charges China Natural Gas, chairman with fraud

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SEC charges China Natural Gas, chairman with fraud May 14th 2012, 20:09 Mon May 14, 2012 4:09pm EDT May 14 (Reuters) - A China-based natural gas company and its chairman were charged with fraud by the U.S. Securities and Exchange Commission for concealing loans designed to benefit the chairman's family. Qinan Ji, the chairman and former chief executive of China Natural Gas Inc, in January 2010 arranged for two improper loans totaling $14.3 million, and then lied about them to the company's board, investors and auditors, the SEC said. The regulator said a $9.9 million loan went to a real estate firm, Demaoxing Real Estate Co, owned by Ji's son and nephew. It also said a $4.4 million loan went to Shaanxi Juntai Housing Purchase Co, a business partner of Demaoxing.

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